The national median apartment rent saw an uptick of 0.4 percent in June to $1,385 per month, marking the fifth month in a row of price hikes, according to Apartment List’s July National Rent Report.
“We are now in the middle of the peak summer moving season, and as such, we’ll likely see prices continue to increase for another month or two, before the fall cooldown begins,” the report states.
Compared to the same month last year, the median rent dipped by 1.2 percent, or $17. Meanwhile, it has dropped by about 4 percent, or $57, from its 2022 peak.
Despite the price reductions, today’s rent levels are still 21 percent higher than they were at the beginning of 2021….